Senate Republicans will ‘go along with’ White House stimulus proposal despite their pushback

President Trump’s economic adviser, Larry Kudlow, said Sunday that Senate Republicans will “go along with” the $1.8 trillion White House stimulus proposal despite their vocal pushback.



Lawrence Kudlow wearing a suit and tie: Trump economic adviser: Senate Republicans will 'go along with' White House stimulus proposal despite their pushback


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Trump economic adviser: Senate Republicans will ‘go along with’ White House stimulus proposal despite their pushback

Kudlow told CNN’s “State of the Union” that the White House expects GOP support from Republicans in the upper chamber. A source told The Hill on Saturday that several senators expressed “significant concerns” about the proposal’s cost in a call with administration officials.

The White House economic adviser said on Sunday he does not think the coronavirus stimulus bill is “dead.”

“Don’t forget, Republicans in the Senate put up their own bill a few weeks ago and got 53 votes, I think it was, so they united,” he said. “I think if an agreement can be reached, they will go along with it.”

Kudlow also criticized Democrats, including Speaker Nancy Pelosi (D-Calif.), for their “intransigence” over funding unemployment assistance, small business loans and stimulus checks in individual bills or an overall bill.

“Well, I’m not talking about your Democratic friends,” CNN host Jake Tapper pushed back. “I’m talking about 20 Senate Republicans who were mad at Secretary Mnuchin and saying that the proposal of $1.8 trillion was way too much.”

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The White House economic adviser noted the president would “go beyond” the cost of the current proposal to fund assistance for unemployed people, small business loans and stimulus checks.

“I think if we could get this thing settled on the Democrat side, we will get it settled on the Republican side,” he said. “There will still be further efforts of negotiation perhaps today but certainly this coming week.”

“The D’s are holding this thing up,” he added.

Kudlow also told CNN that he doesn’t think the economic “recovery” in the U.S. “is dependent on” a stimulus bill.

When Tapper said the Federal Reserve chairman disagreed, Kudlow said he’s “essentially saying the same thing – targeted assistance would be a good idea.”

Kudlow’s remarks come after the White House proposed a $1.8 trillion coronavirus relief package, a higher amount than the $1.6 trillion offered last week and rejected by Pelosi and Democrats.

Several Senate Republicans blasted the proposal in a call with White House officials, with Sen. Marsha Blackburn (R-Tenn.) labeling it a “death knell” for the GOP ahead of the elections

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Trump Raises Stimulus Offer to $1.8 Trillion

WASHINGTON — The White House moved aggressively on Friday to revive stimulus talks that President Trump had called off just days earlier, putting forward its largest offer for economic relief yet as administration officials and embattled Republican lawmakers scrambled to avoid being blamed by voters for failing to deliver needed aid ahead of the election.

The new proposal’s price tag of $1.8 trillion, which Treasury Secretary Steven Mnuchin presented to Speaker Nancy Pelosi in a roughly 30-minute phone call, was nearly double the original offer the administration put forward when talks began in late summer.

It was the latest indication that the White House was eager to backtrack from Mr. Trump’s decision on Tuesday to abruptly halt negotiations, and it reflected a growing sense of dread both at the White House and among vulnerable Senate Republicans facing re-election about the political consequences of his actions. The offer also highlighted the deep and persistent divisions among Republicans — most of whom have balked at a large new federal infusion of pandemic aid — that have complicated the negotiations for months.

Now, with Mr. Trump pressing to “Go Big,” as he put it in a tweet on Friday, he has raised the prospect of pushing through a plan that his own party refuses to accept, giving Ms. Pelosi and Democrats fresh leverage to dictate the terms of any deal.

On Friday, she was continuing to hold out for more concessions. While Mr. Mnuchin’s latest offer “attempted to address some of the concerns Democrats have,” Drew Hammill, a spokesman for Ms. Pelosi, said it did not include an agreement on a national strategy for testing, tracing and other efforts to contain the spread of the virus, which the speaker has pushed for in recent weeks. “For this and other provisions, we are still awaiting language from the administration as negotiations on the overall funding amount continue.”

“I do hope we will have an agreement soon but, as you say, they keep changing,” Ms. Pelosi said on MSNBC. Referring to Mr. Trump’s tweets that temporarily ended the negotiations, she added that the president “got a terrible backlash from it, including in the stock market, which is what he cares about. And so then he started to come back little by little, and now a bigger package.”

Speaking on the right-wing radio host Rush Limbaugh’s show, Mr. Trump conceded that he had changed his position on approving additional coronavirus aid before Election Day, declaring “I would like to see a bigger stimulus package, frankly, than either the Democrats or Republicans are offering.” (Alyssa Farah, the White House communications director, later contradicted Mr. Trump’s assertion, telling reporters at the White House that the administration wanted a final package to remain below $2 trillion, which is less than the $2.2 trillion measure Ms. Pelosi pushed through the House this month.)

Such sums are deeply alarming to most Republicans, who are increasingly contemplating their party’s future after Mr. Trump departs the political scene and are determined to reclaim

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White House Proposes $1.8 Trillion Stimulus, Trump Says Go Bigger

With the presidential election fast approaching, the White House on Friday proposed a beefed-up $1.8 trillion economic rescue plan to try to coax congressional Democrats into an agreement.

President Donald Trump, who this week has veered wildly in his position on stimulus to help the world’s largest economy recover from the damage done by the Covid-19 pandemic, now seems to be making a major push to roll out funding before he stands for re-election on November 3.

The new proposal, an improvement over the administration’s previous $1.6 trillion offer, brings them closer to the Democrats’ latest package costing $2.2 trillion.

White House spokeswoman Alyssa Farah said the administration was “willing to come up on the level” but wanted to keep the price tag “below $2 trillion.”

It's unlikely that Congress will be able to pass a new stimulus package for the US economy before the November 3 election, Senate Majority Leader Mitch McConnell said It’s unlikely that Congress will be able to pass a new stimulus package for the US economy before the November 3 election, Senate Majority Leader Mitch McConnell said Photo: AFP / Nicholas Kamm

But Trump, who is trailing in the polls against Democratic rival Joe Biden, said he wants an even more robust plan.

“A lot of people are being hurt. I would like to see a bigger stimulus package, frankly, than either the Democrats or the Republicans are offering,” Trump said in an interview with conservative talk radio host Rush Limbaugh.

“I would like to see money going to people. It was not their fault.”

That marked the latest dramatic shift from the president who just days ago called off negotiations with Democrats and said there would be no new aid to struggling businesses and unemployed workers until after the election.

US President Donald Trump said talks on a new economic stimulus package are going well US President Donald Trump said talks on a new economic stimulus package are going well Photo: AFP / NICHOLAS KAMM

But as Trump has turned cheerleader and trumpets his newfound optimism, Senate Majority Leader Mitch McConnell poured cold water on the chances for a deal, saying Congress is unlikely to agree on a new stimulus package before the election due to “vast” differences over how much to spend.

“We do need another rescue package, but the proximity to the election and the differences of opinion about what is needed at this particular juncture are pretty vast,” McConnell said Friday at a press conference in his home state of Kentucky.

While he would like to see legislators rise above their political differences “I think that’s unlikely in the next three weeks,” the Republican senator said.

House Speaker Nancy Pelosi said she and Treasury Secretary Steven Mnuchin continue to discuss the size and composition of a new stimulus plan House Speaker Nancy Pelosi said she and Treasury Secretary Steven Mnuchin continue to discuss the size and composition of a new stimulus plan Photo: AFP / MANDEL NGAN

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin have been negotiating for weeks, raising hopes for a huge, new relief package to follow up on the $2.2 trillion CARES Act and other measures that brought the total aid passed by Congress to nearly $3 trillion.

Pelosi said differences remain over policy as well as money.

“I do hope that we will have an agreement soon,” Pelosi said Friday on

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White House Floats $1.8 Trillion Stimulus Offer in Last-Ditch Effort: Live Updates

Credit…Pete Marovich for The New York Times

The White House, seeking to revive stimulus talks that President Trump called off just days ago, planned on Friday to put forward its largest offer for economic relief yet, as some Republicans worried about being blamed by voters for failing to deliver needed aid ahead of the election.

The new proposal, for Treasury Secretary Steven Mnuchin to present to congressional Democrats, would increase the White House’s plan for coronavirus stimulus to $1.8 trillion.

The president “would like to do a deal,” Larry Kudlow, director of the National Economic Council, said on the Fox Business Network on Friday, in the latest head-snapping turn in the on-again-off-again negotiations. The overall price tag of the offer was confirmed by two people familiar with the discussions, who spoke on condition of anonymity to disclose details of the talks.

Fanning the sense of optimism, Mr. Trump wrote on Twitter: “Covid Relief Negotiations are moving along. Go Big!”

The prospects of a compromise remained remote, however, given the opposition of many Republicans to another large infusion of federal virus aid. Speaking to reporters in Kentucky, Senator Mitch McConnell, the majority leader, cast doubt on the chances of a deal, saying political divisions remained too deep less than a month before Election Day.

“The situation is kind of murky and I think the murkiness is a result of the proximity to the election and everybody kind of trying to elbow for political advantage,” Mr. McConnell said. “I’d like to see us rise above that like we did back in March and April, but I think that’s unlikely in the next three weeks.”

Yet the White House was working to resuscitate negotiations that Mr. Trump himself cut off in a series of indignant tweets on Tuesday, amid deep concern among some vulnerable Republicans that his abrupt abandonment of the talks would hurt them politically.

Mr. Kudlow said that the president met with Mr. Mnuchin and Mark Meadows, White House chief of staff, on Friday and that the Treasury secretary would speak with Speaker Nancy Pelosi of California later Friday afternoon.

Without an agreement, the collateral damage across the country has continued to mount in the absence of federal funding, with more than 800,000 Americans filing new applications for state benefits, before adjusting for seasonal variations.

Even if Ms. Pelosi were to accept the administration’s latest proposal, which is lower than the $2.2 trillion package she pushed through the House this month, Senate Republicans remain divided over the scope of another coronavirus relief package.

Most of them opposed the original $1 trillion offer Mr. McConnell presented in July, after days of haggling with the White House, in part because they were concerned about adding to the national debt. Mr. McConnell has since scaled back the offer considerably, proposing a $350 billion “skinny” plan that Democrats blocked, calling it inadequate.

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White House Preparing New $1.8 Trillion Stimulus Proposal

White House adviser Larry Kudlow said Friday that President Trump had approved moving ahead with a revised stimulus offer.



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Erin Scott/Bloomberg News

Breaking News:

*White House Preparing New $1.8 Trillion Stimulus Proposal—Sources

*Last White House Offer Was $1.6 Trillion

(Article below will update)

The White House is preparing a $1.8 trillion coronavirus relief offer, its largest proposal to date in the long running negotiations with congressional Democrats, according to people familiar with the discussions.

Treasury Secretary Steven Mnuchin is expected to discuss a new $1.8 trillion proposal with House Speaker Nancy Pelosi (D., Calif.) when the two speak Friday. The White House proposal marks a further winnowing of the distance between the administration and Democratic leaders over the bill’s overall price tag.

“Covid Relief Negotiations are moving along. Go Big!” President Trump said in a tweet Friday.

Democrats last week passed a $2.2 trillion aid package, a scaled-back version of their earlier $3.5 trillion legislation. Mr. Mnuchin had previously proposed a $1.6 trillion offer.

White House adviser Larry Kudlow said Friday that Mr. Trump had approved moving ahead with a revised stimulus offer that would include aid for small businesses and airlines, as well as checks for households.

Write to Kristina Peterson at [email protected] and Kate Davidson at [email protected]

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US stocks gain as White House warms to further stimulus measures

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  • US stocks moved higher Friday on continued hope that fiscal stimulus negotiations would lead to a deal prior to the election.
  • House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin are set to talk today amid continued stimulus negotiations.
  • The resumption in stimulus talks comes after President Donald Trump reversed his view of no deal and instead now favors a large stimulus deal, according to reports.
  • Another round of fiscal stimulus would likely include direct payments to Americans as well as aid to the airline industry, among other things.
  • Watch major indexes update live here.

US stocks climbed on Friday after the White House signaled that it is indeed interested in passing a comprehensive fiscal stimulus deal prior to the upcoming November elections, according to reports. 

The move comes after Trump called off stimulus negotiations via tweet earlier in the week and instead called for a skinny version of stimulus that would have included aid to the airline industry and direct payments to Americans.

House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin are set to resume talks on a potential stimulus package later on Friday.

Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Friday:

Read more: Fund manager Brandon Nelson is tripling his benchmark in 2020 with ‘less-discovered’ companies that become big winners. Here are 3 themes and 9 stocks he’s betting on.

A report from the Wall Street Journal that AMD was in advanced talks to acquire Xilinx helped boost technology stocks on Friday. Xilinx surged as much as 17% on the news.

The economic recovery in the U.K. is showing signs of slowing after it reported August GDP growth of 2.1%, well below the expectations of 4.6%.

Goldman Sachs upgraded General Electric to “buy” and set a $10 price target on the potential of a COVID-19 vaccine boosting its aviation business. 

Gold rose as much as 1.5%, to $1,923.03 per ounce.

Oil traded lower. West Texas Intermediate crude fell as much as 1.3%, to $40.65 per barrel. Brent crude, oil’s international benchmark, fell 1.1%, to $42.85 per barrel, at intraday lows.

Read more: Self-taught market wizard Richard Dennis took a $1,600 loan and turned it into an estimated $200 million. He shares the 13 trading rules that turned his performance parabolic.

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White House Open to Bigger Stimulus Bill as Mnuchin, Pelosi Talk

(Bloomberg) — The White House shifted tack on Thursday, signaling that the administration is again leaning toward a large-scale stimulus bill after House Speaker Nancy Pelosi pushed back on the idea of individual measures for parts of the economy hit by the Covid-19 crisis.

Treasury Secretary Steven Mnuchin told Pelosi in a 40-minute call that President Donald Trump wants agreement on a comprehensive stimulus package, according to Drew Hammill, a Pelosi spokesman.



House Speaker Nancy Pelosi Holds Weekly News Conference


© Bloomberg
House Speaker Nancy Pelosi Holds Weekly News Conference

Nancy Pelosi at the Russell Senate Office Building in Washington, D.C., on Oct. 8.

Photographer: Stefani Reynolds/Bloomberg

Meanwhile, White House spokeswoman Alyssa Farah said, “we’ve made very clear we want a skinny package,” though she later clarified that position, telling reporters the administration is “open to going with something bigger.” She reiterated opposition to the $2.2 trillion plan from House Democrats.

Prospects for coming to an agreement have proved volatile since Trump pulled his negotiators out of talks on a comprehensive package on Tuesday.

Stocks, too, have proved volatile, with airline shares rising and falling on shifting indications of the potential for a separate aid package for the industry. The broader S&P 500 Index climbed for a second session Thursday, after a tumble Tuesday, when Trump pulled his negotiators from stimulus talks.

‘Testing, Tracing’

Pelosi sent a letter to House Democrats Friday morning casting further doubt on negotiations.

“The Administration does not share this priority of crushing the virus. The President does not have the capacity, leadership or plan for testing, tracing, and isolation that is needed,” Pelosi wrote. “Instead, Trump’s delay, denial, distortion of reality and disdain for science has exacted a deadly and preventable human toll.

Mnuchin and Pelosi held a follow-up call Thursday afternoon with House Small Business Committee Chairwoman Nydia Velasquez and Financial Services Committee Chairwoman Maxine Waters about small businesses and access to capital.

The negotiations are proceeding against a frenzied backdrop, with the president recuperating from Covid-19 and the final stretch of the election campaign under way. Pelosi and Trump publicly questioned each other’s ability to perform their jobs on Thursday.

Read More: Pelosi and Trump Question Each Other’s Mental Faculties

The House speaker said earlier Thursday there could be no action on a stand-alone bill to aid airlines or any other sector of the economy without an agreement with the White House and Republicans on a broader stimulus package.

Pelosi said airline aid could move through Congress before a comprehensive deal is voted on — but that would have to be advanced in the “context” of a broader bill. “I have made the case to my colleagues that this is a special case,” Pelosi said on Bloomberg TV.

“There is no stand-alone bill without a bigger bill,” she said. Pelosi has also said this week she is pressing for language that would limit Trump’s ability to divert virus testing and treatment funds to other projects.

“I’m always optimistic,” Pelosi said. “Maybe the president seeing the reaction to his walking away

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Trump open to broader COVID-19 stimulus as Pelosi, Mnuchin negotiate

  • The White House is open to a broader coronavirus stimulus plan, communications director Alyssa Farah said Thursday.
  • President Donald Trump pulled out of stimulus talks on Tuesday and called for standalone bills for certain sectors, such as the airline industry.
  • House Speaker Nancy Pelosi has said she would not agree to airline relief without a wider stimulus bill.
  • Pelosi and Treasury Secretary Steven Mnuchin spoke about a comprehensive relief package in a 40-minute phonecall on Thursday afternoon.
  • Mnuchin made it clear President Donald Trump was open to a “comprehensive” funding package, Pelosi’s spokesman said.
  • Visit Business Insider’s homepage for more stories.

The Trump administration indicated on Thursday night that it was open to a broader coronavirus stimulus package — despite President Donald Trump pulling out of funding talks on Tuesday and calling for standalone relief bills.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin had a 40-minute phone call on Thursday afternoon to discuss “whether there is any prospect of an imminent agreement on a comprehensive bill,” Pelosi’s spokesman Drew Hammill said in a tweet. Pelosi has said she would not support a standalone bill for airline aid, which Trump has called for, unless it accompanied a larger support package.

Mnuchin made it clear that Trump was interested in a “comprehensive” stimulus package — one that includes support for airlines, state and local government aid, and jobless benefits, Hammill said.

White House communications director Alyssa Farah initially cast doubt on whether Trump was open to a larger stimulus bill, telling reporters Thursday afternoon that “we’ve made very clear we want a skinny package.”

But later on, Farah said the administration was “open to going with something bigger” — albeit not at the level Democrats initially proposed.

Democrats want a $2.2 trillion package, while the Republicans have proposed a figure of $1.6 trillion, higher than what many Senate Republicans have said they would support.

Senate Majority Leader Mitch McConnell said Thursday there were “vast differences about how much we should spend,” and that Pelosi was insisting “on an outrageous amount of money.”

“Hopefully there will be a way forward soon,” he added.

Even if Pelosi and Mnuchin agree on a package, it’s not clear when, or if, a deal would pass both the House and Senate. 

Trump halted negotiations over a new COVID-19 aid package on Tuesday, saying they would only resume after the election on November 3. He later changed course and suggested he would support several smaller standalone measures, including one for the airline industry, which has been devastated by the pandemic.

Airlines are in the process of furloughing 32,000 workers, with tens of thousands more taking voluntary long-term unpaid leaves of absence. More furloughs are expected in the coming months, and next year.

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White House lurches in new direction on stimulus talks, pushing for airline aid

The newest twist in the talks appears to be fast-tracking negotiations to aid the airline industry but shelving the prospects broader unemployment aid, another round of $1,200 relief checks to millions of Americans, small business assistance, and a number of other programs.

Still, after sinking on Tuesday, the stock market rallied sharply Wednesday on the prospect of a partial deal. The Dow Jones industrial average closed up more than 500 points, or nearly 2 percent. Airline stocks fared even better, with American Airlines and United Airlines seeing their share prices up more than 4 percent.

The herky jerky nature of the economic relief talks have played out over months, as the White House and Democrats have failed to agree on a broader support package. The economy showed some signs of recovery over the summer but not it appears pockets are softening again, with the travel industry last week announcing a spate of layoffs and the labor market remaining stubbornly weak while the coronavirus pandemic remains a factor in many parts of the country.

President Trump and Pelosi exchanged insults again on Wednesday, a sign that the broader relief talks are unlikely to be revived. But both sides did appear interested in trying to work out some sort of immediate aid for the airline industry, which has seen a dramatic drop in traffic since earlier this year. Last week, American and United began furloughing more than 30,000 employees.

Mnuchin’s outreach came amid a growing backlash from Republicans running for reelection who questioned – and in some cases denounced – Trump’s decision to end negotiations between Mnuchin and Pelosi on a broader relief package. Trump had announced Tuesday that he was asking Senate Majority Leader Mitch McConnell (R-Ky.) to focus on confirming Amy Coney Barrett to the Supreme Court instead — a decision McConnell said he supported.

Pelosi last week urged airlines to hold off on the layoffs, saying she would renew a payroll support program either as a stand-alone bill or part of a broader deal.

Rep. Peter A. DeFazio (D-Ore.) tried Friday to advance a $28 billion bill to help airlines keep workers on payroll, under a procedure that would have required unanimous consent from all lawmakers. Republicans blocked the move.

Senate Republicans have pushed a package of similar size for the airlines that has less stringent requirements on how the aid will be used. It’s unclear if Pelosi and Mnuchin could come up with a deal on airlines that both parties would support, especially after Tuesday’s bizarre events that began when Trump suddenly announced on Twitter that “I have instructed my representatives to stop negotiating until after the election.”

The backlash was swift. Seven hours after Trump said talks were terminated, he appeared to reverse himself in a new string of tweets.

At 9:54 p.m. Eastern time, he called on the House and Senate to “IMMEDIATELY” approve $25 billion in new aid for the airline industry, which has already begun laying off thousands of employees after federal aid programs

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Meadows says White House stimulus efforts ongoing amid Trump’s back-and-forth

Speaker Nancy Pelosi (D-Calif.) had proposed at least $2.4 trillion in stimulus, but Trump said he would not agree to a deal of more than $1.6 trillion. “I am rejecting their … request, and looking to the future of our Country,” he tweeted Tuesday afternoon after a phone call with Mnuchin and Republican congressional leaders.

But later Tuesday night, Trump reversed course and seemingly sought to restart relief talks, tweeting that he would approve a stimulus measure to send Americans $1,200 checks “IMMEDIATELY” amid the pandemic. “I am ready to sign right now. Are you listening Nancy?” he wrote.

The president confused matters further Wednesday morning, minutes after Meadows’ interview, when he took to Twitter to urge Pelosi: “Move Fast, I Am Waiting To Sign!” Although talks between Pelosi and the White House have stalled, her discussions with Mnuchin intensified last week.

Drew Hammill, Pelosi’s spokesman, said that Mnuchin asked about a standalone airlines bill with Pelosi Wednesday morning, but the speaker “reminded him that Republicans blocked that bill on Friday & asked him to review the DeFazio bill so that they could have an informed conversation.”

On Friday, House Transportation Chairman Peter DeFazio (D-Ore.) tried to push through an airline payroll support bill on the House floor via unanimous consent, but Republicans objected, essentially blocking the effort.

Pelosi and congressional Democrats have previously expressed opposition to a piecemeal stimulus proposal, arguing it does not meet the mammoth needs of an economy still reeling from the effects of Covid-19 restrictions and unemployed workers. Millions have lost their jobs, and the coronavirus has claimed the lives of more than 200,000 Americans.

Senate Majority Leader Mitch McConnell (R-Ky.) also would face difficulty convincing his GOP caucus to get on board with a big, last-minute agreement, as he remains focused on the confirmation of Judge Amy Coney Barrett to the Supreme Court.

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